Egbin power plant shops for $1.2bn to hit 2740 MW by 2020

Management of Egbin Power Plant in Lagos said it will double the capacity of the power plant from the current 1,320 megawatts to 2,740 megawatts by the year 2020.

The management said it is shopping for $1.2 billion investment to achieve this.

The plant’s Managing Director and Chief Executive Officer, Dallas Peavey made this known while addressing journalists during the visit of United States Ambassador to Nigeria and some congressmen to the premises of the company.

Peavey stated that, “We want to double the capacity by 2020, which we have started talking to international organizations to help with that. We are talking to our partners that will work with us to achieve that. We are looking at around $1.2 billion investment to achieve this.”

Peavey said they have started talking to international organizations, including General Electric (GE) and some other partners to achieve that.

He explained that just after the takeover in 2013, the plant was operating below 30 per cent capacity and had some challenges, and had invested over $400 million to address some of them.

At present, Peavey said that the plant now have more than a thousand employees, and more than 500 residential houses, hospitals, clinics and schools at the plant.

Furthermore, he posited that the place was built by the Japanese 30 years ago and facilities have become unusable.

The plant, according to him is now operating at 90 per cent efficiency and trying to activate 700 megawatts in this plant that are idle and not being utilized

Also, he said that the company is being owed N125 billion by the Nigeria Bulk Electricity Traders (NBET) as at 1st August 2017.

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